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Rite Aid Q2 Adj. Loss Wider Than Estimates; Slashes FY23 Adj. Loss Outlook

While reporting financial results for the second quarter on Thursday, drugstore chain Rite Aid Corp. (RAD) slashed its outlook for fiscal 2023 net loss primarily due to goodwill impairment charges in the Pharmacy Services Segment and increased impairment charges for closed stores. Meanwhile, it maintained annual revenue forecast.

For fiscal 2023, the company now projects an adjusted loss in a range of $1.52 to $0.97 per share, wider than the previously expected range of $1.19 to $0.66 per share. However, the company maintained its forecast for total revenues between $23.6 billion and $24.0 billion.

On average, analysts polled by Thomson Reuters expect the company to report a loss of $1.39 per share on revenues of $23.36 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported a net loss of $331.3 million or $6.07 per share, sharply wider than $100.3 million or $1.86 per share in the prior-year quarter.

Excluding items, adjusted loss for the quarter was $0.63 per share, compared to adjusted income of $0.41 per share in the year-ago quarter.

Revenues for the quarter decreased to $5.90 billion from $6.11 billion in the same quarter last year.

The Street was looking for a loss of $0.55 per share on revenues of $5.77 billion for the quarter.

Retail comparable store prescriptions increased 3.1 percent, while Comparable store acute prescriptions, excluding COVID immunizations, increased 5.3 percent.

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